Category: Analysis

DOGE is closing the week with massive gains, having seen notable surges over the last seven days. It is among the top gainers in the top 10.

The massive gains do not end with the eighth-largest coin. During this period, the global crypto market registered significant increases. Valuations went above $2.30 trillion, peaking as high as $2.35 trillion. Some altcoins also saw huge price movements.

For example, the FTX token resumed its uptrend after several days of inactivity. The asset is up by over 55% in the last 24 hours. News of the exchange paying up its debt sparked a lot of enthusiasm, driving prices higher. However, shareholders voted to postpone the payout until further notice. Nonetheless, it is up by over 59% over the last seven days.

WIF follows closely behind, with gains exceeding 50% as the community stages massive rallies a few times this week. ENA may also end the week with gains of over 3%.

Other assets in tht top 10 also had good performances. Let’s see how they performed during this period.

XRP/USD

DOGE/USD

Dogecoin has been on the uptrend over the last three days. The latest surge started on Thursday after it rebounded at $0.10. It saw a spike in buying volume, driving prices higher. It surged to a high of $0.12 as momentum peaked. However, it lost the push and slightly retraced but closed with gains of almost 9%.

The uptrend continued the next day. It continued above $0.12 and attempted $0.13 but failed as it faced strong rejections at $0.128. The bears staged a massive selling congestion at the peak, sending prices to $0.123. Nonetheless, it closed with gains exceeding 4%.

DOGE continued retracing as it tested the $0.12 support but rebounded and resumed it surge. It finally broke $0.13. However, it faced correction after hitting this milestone. The almost 4% gain reflected on the candle gives it a semblance with a doji. The asset is printing another doji but not as long as the previous.

Nonetheless, trading actions over the last three days sent DOGE higher on the relative strength index. The metric peaked at 73 but is at 72 at the time of writing. Currently above 70, the cryptocurrency is overbought. Additionally, the altcoin is trading above the bollinger bands. It broke above the upper SMA on Thursday and has since not returned below it.

The asset is trading above its first pivot resistance amidst the bearish signals from other indicators. ADX is also rising.

TON/USD

Toncoin is up by almost 5% over the last seven days. The latest increases come after it printed a doji last week. Nonetheless, several days of significant uptrend resulted in the gains it accumulated.

The most notable started on Wednesday when the general sentiment was almost beearish. It surged after it rebounded at $5.50 the previous day. It continued upward and broke $5.80, peaking a little higher. Although it saw small corrections, it saw gains exceeding 2%. It surged higher the next day as it attempted the $6 resistance but failed due to massive rejections at $5.93.

Following the doji on Thursday, it continued on Friday breaking $6. It peaked at $6.13 and toncoin closed with gains exceeding 3% after it retraced below the highlighted mark.

Trading actions over the last 48 hours shows that the bulls are getting exhausted. The altcoin retraced to a low of $5.82 after it flipped $6. The drop happened as the  coin lost momentum and the bears staged selloff with traders taking profit. It dropped further a few hours ago, hitting a low of $5.70. Although it seeing small recovery, indicators are bearish.

One such is the Bollinger band. TON broke out from the upper band during the previous intraday session. Such action may signify the end of the uptrend and the current-day price movement may affirm this claim. Nonetheless, the average direction index is on the uptrend and RSI is still below 70.

ADA/USD

Cardano has not registered any significant price changes in the last three days. Despite the latest price performance, it is up by over 13% this week. Nonetheless, it maintained trading close to its first pivot resistance at $0.40.

The gains on the weekly scale show that the asset registered most of the assets saw significant price movement earlier in the week. This is true as it had a very good start to the session. Monday started with prices at $0.35 but retraced and rebounded off the pivot point. It surged to $0.36 and close with gains exceeding 3%.

The bulls continued the uptrend on Tuesday and ADA surged higher. It attempted $0.40 but failed due to significant rejections at $0.39. Nonetheless, the day ended with the asset trading at $0.38 and registering gains exceeding 6%.

ETH is gradually striding towards $2,700 but has failed to break this critical mark. The struggle continues as the week gradually comes to an end.

Nonetheless, the global crypto market saw a slight improvement in value. It stabled above $2.30 trillion. It also gained over 2% over the last 24 hours as some assets saw massive gains. One such is SHIB, as it gained over 23%. Dogecoin also registered significant gains, retesting $0.12.

News of the Central Bank of China cutting interest rates made the rounds in a few days. Many anticipated the announcement would result in further uptrends for the crypto market. This played out as some asset retested critical barriers.

The market is still on the uptrend, with some altcoin registering significant gains. Let’s see how some cryptocurrencies in the top 10 performed this week.

BTC/USD

Bitcoin is having one of its best performances as it climbed to level it hasn’t over the last 30 days. It is up by over 3% on the weekly scale following the small uptrends. Nonetheless, the price increases came after it rebounded at $62,500.

One of the biggest moves happened on Thursday as the apex coin started trading at $63,100 and surged as buying volume spiked. The macro economics were having a very good effect on BTC as it headed for $66k but failed due to significant rejections at $65,850.

The market celebrated the next day as the largest cryptocurrency flipped $66,000. However, it was for a brief moment as it retraced due to small selling congestion. The bulls may be exhausted as the coin is printing a doji during the current session.

Due to the most recent price action, indicators are also at a standstill. The relative strength index trends parallel, and so does MACD’s 12-day EMA. Nonetheless, trading remains with the middle and upper SMAs of the Bollinger band.

Traders are gearing up for a massive retracement, as on-chain data say the apex coin is overbought. The bulls must maintain trading above $64k or risk a further drop to $62k.

On the other hand, the asset is trading close to critical resistance., the first pivot resistance. Historicallly, this mark has been the launchpad for attempts at $70k.

ETH/USD

Ethereum performance this saw the bulls edging as it finally flipped the 2,700 resistance. It happened during the previous intraday session as it started trading at 2,632 but surged to a high of $2,729. However, the surge above this critical mark was shortlived as it retraced and closed below the mark. Nonetheless, it registered gains exceeding 2%.

Thursday’s price actions served as a stepping stone to the milestones as the coin recovered from the previous losses it had. It reclaimed $2,600 and continued upward. In the end, ETH is up by over 3% on the weekly scale.

Indicators like the average direction index and RSI are on the decline due to current price movement. The largest altcoin is printing a red candle as it dropped to $2,650. The relative strength index drop shows growing selling pressure that may continue. The ADX suggests that the uptrend may be coming to an end as there no notable from the bull.

The bulls will look to defend the pivot point at $2,622 to prevent further decline. However, this is not a tough mark, and prices may slip lower, sending ETH to $2,500. It is also worth noting that reclaiming the $2,700 barrier may guarantee a retest of $2,800.

BNB/USD

Binance coin gained almost 2% during the previous intraday session. It attempted its first pivot resistance at $620 but retraced at $614. One catalyst for the hike was the release of the former Binance CEO, CZ. CZ was released earlier than anticipated due to laws ensuring no inmates leave the prison during the weekend.

However, the market failed to respond as many anticipated for several reasons. One such reason is that CZ cannot return to his position as CEO. It was part of his plea bargain. He will also not be involved in any activities regarding the exchange.

Nonetheless, BNB had another significant push a few hours ago. It attempted $620  again but failed to break it. It is on the decline due to notable selling congestion. RSI is declining in reaction to the latest market trend.

If the downtrend continues, the asset may retrace to $580. Previous price movements suggest that prices may rebound off this mark, as they did on Thursday. The altcoin is also at risk of further decline to $560.

ADX is slightly up amidst the asset printing a red candle. While this indicator lags, it is important to bear in mind it hints at the possibility of an uptrend. BNB may break above $620.

SOL/USD

Solana registered massive gains on Thursday. It was down by over 3% on Wednesday but erased all losses the next day. It started trading at $147 and surged, breaking its 30-day high. The uptrend continued as the asset peaked at $158. Although it small decline, it closed with gains exceeding 5%.

The asset also saw a similar increase on Tuesday, opening trading at $144 and breaking $150, peaking at $152. It is also significantly up on the weekly scale, up by over 8%. However, current trading actions may indicate the end of this bullish spell.

Although not significant, the asset is printing a red candle. RSI is declining due to significant selling pressure. It is also evident that traders have reduced their trading of the coin, as trading volume has reduced by over 15%.

The bulls are currently trying to keep price stable above $155. However, it appears they are losing this bid as the Bollinger band suggests for declines. Solana broke out from the upper band more than three times this week. Such action may signify the end of the uptrend.

The bulls will look to defend the $150 support. While it is not a tough one, there is a small demand concentration around it. Failure to defend the mark will result in prices slipping lower, potentially to $142.

On the other hand, the band is expanding, which means it afford more uptrend. The next bullish round may send price above $160. The mark will also become an accumulation point for a bid at the first pivot resistance at $168.

Bitcoin surged above $58k after several days of failed attempts. Many anticipated a climb above this key level but were skeptical as the asset lost momentum.

The previous intraday session events added to the doubt, as macroeconomics showed mixed metrics. For example, the US Producer Price Index (PPI) slightly increased by 0.3% on a month-on-month basis, which is less than what market watchers expected. However, it was lower on a year-on-year basis.

Additionally, the number of unemployed grew higher than expected, coming in at 230,750 against the predicted 227,000.

Both announcements shook the US stock market, and the bitcoin had a fair share. It dropped from $58k to $55,500 before rebounding and closing at its opening price.

BTC resumed its uptrend today as traders looked beyond the previous news. Some analysts also maintained that the feds will still introduce the interest rate cut regardless of the latest readings from these key market indicators.

The apex coin has yet to gain stability above $58k as it continually trends below it. This pattern is due to selling congestion the coin is experiencing. Some traders continue shorting the asset around this critical level.

The bulls are seeing small victories but can’t sustain them. The derivatives market shows that sellers are actively funding their short positions, resulting in the ongoing inability to decisively flip the highlighted mark. Nonetheless, this sector of the crypto market is seeing notable activity, as open interest grew by over 3% in the last 24 hours.

Other on-chain indicators suggest that the drop below $58k may spur more downtrends.

Coinbase Premium is Negative

On-chain data shows that the Bitcoin is seeing a shift in investors’ behavior. They are generally becoming more bearish as the funding rates from two major regions are negative.

One such is the US. The apex coin is seeing less buying pressure from this country, as indicated by the Coinbase premium. The same trend is present in the Asian market as the Korea Premium is also negative.

Long-term holders are also moving their asset to exchanges in preparation for a possible selloff. Nonetheless, miners are moderately selling.

Exchange reserves are decreasing amidst the growing pressure on the apex coin. Additionally, netflow is negative.

While the bearish indicators are largely strong, the small bullish signals also mean that the asset will not see a massive price swing over the next few days until a change in market trends happens.

MACD Favors Bitcoin

The one-day chart remains positive, given the reading from on-chain data. The moving average continues printing buy signals as it completes its bullish convergence. The divergence is ongoing as the 12-day EMA edges above the 26-day EMA. MACD’s histogram is green for the first time in more than fourteen days.

The relative strength index also points to the notable buying pressure Bitcoin is experiencing as it moves closer to 48.

In the coming days, the largest cryptocurrency will look to gain stability above its pivot point at $58k. However, a close at the current price will give it an edge in subsequent bids above the mark. It is also worth noting that PP may serve as a critical support once a decisive flip happens.

Based on MACD, BTC may continue upwards. It will look to reclaim the 200-day exponential moving average at $59,300, which was tough resistance. The bulls will build on this level and retest the much-anticipated $60k mark.

Nonetheless, the apex coin is at risk of further decline. It may retrace as low as the 50% Fibonacci retracement at $56,700. Previous price movement also suggests a possible drop to $55k if the bulls failed to defend the 50% fib.

It is important to keep an eye on price action in the next 24 hours as it’ll determine if price will surge or drop.

Many expected XRP’s price movement to be lower since the company settled its court case with the SEC. On-chain data points to a massive trading volume as the reason for the low performance.

The global cryptocurrency market cap has been in a steady downtrend since the start of the week. Charts show valuations struggling to remain above $2 trillion following the ongoing low volatility with major assets.

At the time of this writing, the crypto market is losing investors. The over 45% drop in 24-hour trading volume clearly indicates this. Nonetheless, traders are banking on an uptrend as derivatives see more long positions.

Fundamentals failed to move the market despite the presence of many. However, a court recently dismissed the case against Elon Musk, alleging he manipulates Dogecoin.

With the week winding, let’s see how some assets performed.

XRP/USD

XRP gained over 6% last week as it flipped $0.62 but halted its advances close to $0.64. It had one of its sharpest stretches on Saturday but retraced and ended the day close to its opening price.

News of some bank planning to adopt the cryptocurrency fueled a run that lasted two weeks. However, the fundamentals’ effects are fading and the asset is struggling as the rest of the market. Nonetheless, the altcoin had a significant dip a few days ago.

It is worth noting that it kicked off the week losing a notable chunk of its value. The asset saw its biggest price drop on Tuesday, retracing after hitting a brick wall at $0.60. It retraced to a low of $0.55 but rebounded and closed with losses of almost 4%.

The previous day saw the cryptocurrency dip further, flipping its pivot point at $0.55. Nonetheless, it is exchanging above the mark, having surged reclaimed it. The latest feat comes amidst the significant drop in its 24-hour trading volume. On-chain data shows an over 50% decline.

Indicators are significantly bearish at the time of writing. For example, the relative strength index is trending parallel, indicating the bulls’ inability to seize the initiative.

The moving average convergence divergence is printing sell signals with its ongoing negative divergence.

DOGE/USD

The price of Dogecoin has been stable over the last three days. However, it is struggling to recover from the decline it suffered on Tuesday.

The previous surge ended last week when the altcoin registered its largest surge on Friday. It kicked off trading at $0.105 but peaked at $0.115, closing with gains exceeding 7%. Friday’s price action marked the last leap at resistance as the asset failed to continue the uptrend.

The last two days of the previous week ended with DOGE losing notable fractions. The decline continued into the current week as the asset lost 4% on Monday, retesting $0.10. Tuesday saw the continuation of the bearish trend as the altcoin last the highlighted support, dipping to $0.099. Although it saw a slight recovery, it ended with losses of over 6%.

Nonetheless, Dogecoin is trading above its first pivot support amidst the ongoing trend. This means that the asset is due for a breakout and is trading around a critical level.

The moving average convergence divergence agrees with previous assertions of an impending breakout. The 12-day EMA is trending close to the 26-day EMA. It is worth noting that, as the histogram suggests, the metric maintained this pattern over the last three days.

Nonetheless, its trading volume is down by 36%. The RSI suggests that the decrease in volume does not affect traders’ behavior, as many are on the fence, not bullish or bearish, resulting in the ongoing doji.

TON/USD

Toncoin continues to grapple with massive selloffs. It is yet to recover from the dip it experienced during the previous week. It lost over 16% and is printing another red candle with a 6% loss this week.

Nonetheless, TON bulls attempted recovery on Tuesday as it started trading at $5.13. It started a hike that saw it peak at $5.66 but retraced as the crypto market experienced a sudden wave of selling congestion. It ended with gains exceeding 6%.

The launch of DOGS memecoin positively affected the coin as many airdrop farmers completed some transactions using the cryptocurrency. However, the network suffered outages for several hours due to congestion from the launch

Toncoin tried reclaiming $6 but failed due to massive rejections at $5.98. It retraced and closed with no significant change in price.

Indicators remain bearish despite the growing attempt to resume the uptrend. For example, MACD continues its downward movement. Both the 12-day EMA and the 26-day EMA are approaching their 30-day lows.

The RSI also displays a growing decrease in investors’ interest, trending almost parallel. The latest reading also shows a 20% decrease in trading volume over the last 24 hours. Nonetheless, the assets are trading close to the second pivot support. The mark is important, as a slip may see TON retrace below $5.

TRX/USD

Tron recent attempts at surging met significant resistance. This comes amidst current crypto market sentiment. The asset enjoyed notable increases from the launch of several memecoins last week. However, the effects are wearing off as it is down by over 4% in the six days. The latest valuation is in contrast to the 22% increase it had last week.

TRX started the current seven-day period with notable declines. Monday saw the altcoin drop to a low of $0.16 following a failed attempt at $0.17. Nonetheless, it extended its peak in the last three years by a few fractions.

The decline continued on Tuesday with bigger losses. It halted its attempt at recovery and retraced, breaking the $0.16 support. The cryptocurrency has since traded within a horizontal channel as trials to breakout failed.

The moving average convergence divergence is seeing significant changes in trajectory. The 12-day EMA is heading downhill, signifying an ongoing bearish convergence. The interception may take full effect if trading conditions don’t improve in the next 48 hours.

Trading volume also tanked, coinciding with the red candle present on the 1-day chart. RSI shows that the asset has not seen the needed corrections since it became overbought. Nonetheless, the small decline is seeing the metric continue its downhill movement, dipping to 62.

TRX bounced off the 23% Fibonacci retracement level. It remains to be seen how long the mark will hold.

ETH is recovering from Tuesday’s dump that saw it retrace to one of its lowest prices in the last seven days. However, reclaiming the lost level is slower than many anticipated.

The Tuesday dip affected all cryptocurrencies, and they struggled to keep prices afloat. The question on the lips of most bulls was, “Who is selling?” Questions went unanswered as speculations took the center stage.

The global cryptocurrency market cap also dipped in reaction to the dip. It dropped below $2.10 trillion but is recovering.

Ton Network’s memecoin, DOGS, Officially hit the market a few days ago. The launch rewarded many who farmed the token with airdrops. The network also suffered an outage due to massive traffic. Nonetheless, it is fully functional at the time of writing.

Let’s how some assets in the top 10 are trading

BTC/USD

Bitcoin started the week bearish as it registered notable losses on Monday. It started trading at $64,200 but dropped and tested $62k with no success. The support flipped the next and the apex coin hovered around until a massive selloff happened.

BTC broke $60k in the late hours of Tuesday as selling congestions ravaged the market. It dropped to a low of $58,000 before the rebound. It saw a slight recovery and closed the day a little above the low, with losses exceeding 5%.

The bulls have since tried to resume last week’s uptrend but failed. Nonetheless, they had limited success a few hours ago. The apex coin made a quick return to $61k, peaking at $61,182. However, it lost momentum and exchanging close to its opening price.

Indicators are flipping earish in response to the ongoing trend. The moving average convergence divergence is printing sell signals. The 12-day EMA is in contact with the 26-day EMA as traders expect a cross and divergence in the coming days.

RSI is stable in reaction to trading actions in the last 48 hours, indicating an almost buying and selling volume. Nonetheless, since losing $60k, price movement points to the importance of the $58k support. A slip below this mark will send BTC as low as $56k.

ETH/USD

Ethereum kicked off the day at $2,528 and enjoyed a notable increase in demand, sending prices close to $2,600. However, it is trading at its opening price as the altcoin lost momentum.

The latest price trend is different from what transpired during the previous intraday session. It started trading at $2,457 but retraced and rebounded above the $2,400 support. It soon surged and broke $2,500, closing with gains of almost 3%.

Ethereum was one of the worst-hit coins by Tuesday’s downtrend, losing over 8%. Due to several failed attempts at recovery, it is trading at critical support. ETH is trading close to the 78% Fibonacci retracement level, which is considered the last support before the 100% level. The bulls must keep the price above $2,500.

MACD presents a worrying signal for the bulls. The 12-day EMA is trending close to the 26-day EMA in an ongoing bullish convergence. Nonetheless, both EMAs are almost on the same trajectory, indicating that ETH’s current price is fragile and may shoot up or down.

The Relative Strength Index suggests that the bulls are gradually restoring confidence in the asset after Tuesday’s decline. It rose from 35 to 40 as buying pressure gradually increased. Nonetheless, the metric is trending on a straight line in reaction to the latest price actions.

BNB/USD

Binance coin is trading above the 200-day exponential moving average. Since losing the 50 and 100-day EMAs, the assets have traded without any notable improvement.

BNB lost these key levels on Tuesday when it halted its surge to $560 and retraced. The asset dipped to a low of $521 following a wave of corrections that swept through the crypto market. It lost almost 2% in response.

However, this was not the biggest loss of the week. It kicked off the seven-day session with huge losses, dropping from $574 on Monday to a low of $547. Due to the decline, it lost almost 5% and is struggling to recover and resume last week’s uptrend.

The asset registered a doji over the last 48 hours as the bulls and bears continued the struggle for dominance. The RSI is parallel in response to the coi seeing an equal push and pull from both factions of the market.

Nonetheless, BNB is trading at a critical level. The 200-day EMA is servings support, highlighting $520 as a key point. It also lies close to the 38% Fib level, indicating that a small slip below these two levels will send the altcoin deeper.

It remains to be seen if a breakout to te top will happen amidst the ongoing bearish divergence on the MACD.

SOL/USD

Solana has been on the decline over the last five days. It ended the last day of the previous week with small declines that deepened since the new week started.

Tuesday was a nightmare for many traders as they lost a huge chunk of their wallets. The altcoin opened trading at $157 and was en route to $160 but halted due to massive selling congestion. While many traders faulted an anonymous seller for selling, others pointed to FTX as the culprit.

SOL dropped from $159 to a low $145. The bulls struggled to recover after the decline but have since failed as it closed with losses of almost 7%. It slowed its descent the next day but retraced to a low of $140 but rebounded.

Solana is currently trading at $139 as selling resumes. While many fault sellers for the ongoing decline, it is worth noting that on-chain analysis points to a gradual decrease in memecoins in the ecosystem. Developers are leaving to launch their tokens on other platforms as the memecoin craze is gradually fading.

The effect of such reduction is less demand for the native coin SOL for trading or liquidity or trading, resulting in the ongoing downtrend as holders are also dunping.

The relative strength index has been on the decline since Sunday, dropping from 58 to 41, indicating ongoing bearish actions.

All eyes are on the moving average convergence divergence as the 12-day EMA intercepted the 26-day EMA. The ongoing divergence is indicative of the possible continue of the current bearish trend.